Bank of New York Mellon Corp Sells 107,144 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of New York Mellon Corp lessened its stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,691,069 shares of the financial services provider's stock after selling 107,144 shares during the period. Bank of New York Mellon Corp owned about 1.40% of Hope Bancorp worth $17,705,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Proficio Capital Partners LLC purchased a new position in shares of Hope Bancorp during the 4th quarter worth approximately $254,000. Raymond James Financial Inc. purchased a new stake in shares of Hope Bancorp in the 4th quarter worth approximately $912,000. Sequoia Financial Advisors LLC grew its stake in shares of Hope Bancorp by 21.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 16,432 shares of the financial services provider's stock worth $202,000 after buying an additional 2,922 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hope Bancorp in the 4th quarter worth approximately $910,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Hope Bancorp in the 4th quarter worth approximately $133,000. Institutional investors own 84.00% of the company's stock.

Hope Bancorp Trading Down 0.6%

Shares of HOPE traded down $0.07 during mid-day trading on Friday, reaching $11.39. 806,991 shares of the company's stock traded hands, compared to its average volume of 834,445. The stock has a market cap of $1.46 billion, a P/E ratio of 14.60 and a beta of 0.90. The stock's 50-day moving average is $10.63 and its two-hundred day moving average is $10.71. Hope Bancorp, Inc. has a 12 month low of $8.83 and a 12 month high of $14.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.96.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Hope Bancorp had a return on equity of 4.60% and a net margin of 9.82%. The company had revenue of $217.17 million during the quarter, compared to analyst estimates of $114.97 million. During the same quarter last year, the business posted $0.23 EPS. Research analysts forecast that Hope Bancorp, Inc. will post 1.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.